Pune’s Saurabh Gadgil joins billionaire club after PN Gadgil Jewellers IPO success
Pune's Saurabh Gadgil joins billionaire club after PN Gadgil Jewellers IPO success
Saurabh Gadgil, the chairman and managing director of PN Gadgil Jewellers, has entered India’s billionaire club after the company went public last month. As a sixth-generation businessman based in Pune, Gadgil has played a crucial role in the growth and success of PNG Jewellers, marking a significant achievement in both his personal career and the family’s longstanding presence in the jewelry industry.
Following the initial public offering (IPO), Gadgil’s net worth has surged to nearly $1.1 billion, as reported by the Bloomberg Billionaires Index. The stock price of PN Gadgil Jewellers has increased by 61 percent since its listing.
Gadgil, who is 47 years old, is a former national-level chess player. He mentions on his LinkedIn profile, “As a former national-level chess player, thinking thirty moves ahead in life has become something of a habit for me.” This strategic mindset proved particularly useful when he took over the family business, PNG Jewellers, in 1998. In the fiscal year 2023-24, Saurabh Gadgil, along with his wife Radhika and two other family members, earned a total of 272.4 million rupees (approximately $3.2 million) in remuneration, as reported by Bloomberg.
After completing his Bachelor of Commerce degree at Brihan Maharashtra College of Commerce in Pune, Gadgil went on to pursue an MBA at Symbiosis University in the same city. While studying at Symbiosis, he also undertook an internship at the Reserve Bank of India (RBI).
“I took the time to deeply study and comprehend the gold market and its potential directions within the global landscape. This knowledge proved to be very beneficial when I eventually became part of the company,” Gadgil stated.
PN Gadgil Jewellers was established in 1832 by Ganesh Narayan Gadgil, who initially sold gold jewelry on the streets of Sangli, Maharashtra. The company mainly sells its products under the main brand “PNG” and several sub-brands through various channels, including 39 retail stores (as of July 31, 2024) and online marketplaces.
